Contract Vendee's a.k.a. the paper swap (anyone familar with these?)
Anybody know anything about contract vendee's? a.k.a. 'the paper swap'. I usually take notes and do research at night, and any questions I have I inquire with my father the next day. Lurking the forums hear I herd different things about obtaining, and then selling a property with no money down to and end user. Which made me remember a story my father told me a while back. about how he pretty much did this. When he first got into the game a long time ago. Needless to stay 5 law school grads, and a disgruntled family didn't like the idea that a 'Joe whoever, from Harlem turned real estate agent might be smarter than them. So he walked away with some money but not as much as he should've. So he 'licked his wounds' that day. He also told me a story about another 'Zeus level' agent lol here in NYC Philip Pilevsky. Who now teaches from time to time at NYU who did the same thing once upon a time. Except he got away with it and made about 3mil plus his brokers commission! The state did try and sue him for 350k in taxes though....still. Here's the pdf linking to his famous court case. My father printed it out for me. Thought I'd share it for those who'd like to see it.
www.nysdta.org/Determinations/813845.DET.pdf